Professional Liability Insurance, Regina | E&O
Professionals who deliver services and professional advice to clients are always susceptible to complaints from unsatisfied clients. It might or might not be the professional’s fault, but if these complaints turn into lawsuits, the business could suffer financial loss and damage to its reputation. That’s when professional liability insurance in Regina comes to the rescue.
You don’t have to lose your business because of a mistake. Sharp Insurance offers insurance solutions tailored to business owners and professionals, enabling them to focus on what matters most. Grow your business with ease of mind, Sharp Insurance has your back.
What is Professional Liability Insurance?
Professional liability insurance, also known as errors and omissions insurance or malpractice insurance, protects businesses and individuals who offer professional services and advice from claims of unsatisfactory service. These claims could be of negligent acts, errors, omissions, breach of contract, missed deadlines, undelivered services, and more.
Professionals, like healthcare providers, lawyers, consultants, accountants, business owners, and engineers, all benefit from having Regina professional liability insurance. These industries suffer from the risk of making professional errors that may incur expensive legal costs. Professional liability insurance in Regina pays for legal expenses and settlement fees, if applicable.
What Professional Liability Insurance Doesn’t Cover
- Customer Injuries are covered by general liability insurance.
- Employees’ discrimination lawsuits are covered by employment practice liability insurance.
- Vehicle business use is covered by commercial vehicle insurance.
- Business property damage is covered by commercial property insurance.
- Workers’ compensation insurance covers employees’ injuries.
Professional Liability Insurance VS. General Liability Insurance
Having general liability insurance is crucial for your business continuity. However, having general liability insurance doesn’t mean you don’t need professional liability insurance. Both types of insurance have different purposes and are equally important.
General liability insurance covers claims of physical harm, such as causing bodily injury to a client or accidentally damaging their property. It also covers advertising injuries, slander, and defamation. On the other hand, Regina professional liability insurance is concerned with more abstract claims related to negligence or failure to deliver services provided by a professional or a business.
Both types of business liability insurance cover legal expenses and the cost of damages, but for different types of claims. Additionally, aside from the legal expenses, general liability insurance covers the medical expenses for bodily injury and the repair costs for property damage.
Is Professional Liability Insurance Required in Regina?
Professional liability insurance is legally required for some professions in Regina. For example, professions governed by a regulatory college or association require professional liability insurance.
This includes:
- Lawyers – Required by the Law Society of Saskatchewan.
- Accountants – Required by CPA Saskatchewan for members in public practice.
- Engineers and Architects – Often mandated by associations like APEGS (Association of Professional Engineers and Geoscientists of Saskatchewan).
- Healthcare professionals, Such as psychologists or therapists, may require coverage under their licensing bodies.
Additionally, businesses or consultants that work with contracts might need to have professional liability insurance. Their clients may add clauses in the contracts, requiring them to carry professional liability coverage.
While professional liability insurance in Regina is not mandated for all professions, it is highly recommended. Professionals need it as a form of protection against any claims of negligence, misrepresentation, or mistakes. Moreover, it enhances professional credibility and trust, especially for freelancers or consultants.
How Much Does Professional Liability Insurance Cost in Regina?
The cost of professional liability insurance in Regina isn’t fixed among professions, as there are many deciding factors. The starting cost of PLI in Regina is $330 per year. Generally, small business owners and professionals can expect to pay between $330 and $1500 in annual premiums. For example, A solo IT consultant or marketing specialist in Regina might pay $600/year for $1 million in coverage.
On the other hand, small firms and mid-sized businesses can expect to pay more. A small architecture firm could pay $3,500/year for $2 million in coverage due to the higher liability risk.
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How Much Coverage Limits Do I Need?
Professionals in Regina may need between $1 million to $5 million in professional liability coverage. Most contracts and regulatory associations require between $1 and $2 million. The more coverage you have, the more protection you get against professional liability claims. However, a higher coverage limit increases your premium rate.
Factors that Influence the Cost of PLI in Regina
- Profession type – Riskier professions with more on the line, like healthcare and law, get a higher premium than low-risk professions, like a marketing firm. A creative consultant may have to pay between $350 and $900, while a lawyer may have to pay between $1000 and $6000.
- Annual revenue – Higher revenue means you have a higher liability risk, so you pay more in annual premiums.
- Claims history – A clean claims history lowers your insurance premium significantly. On the other hand, having previous claims means you’re statistically more like to file more in the future. That’s why insurance providers increase the annual premium for companies with previous insurance claims.
- Coverage amount – Factors that determine the premium for Regina professional liability insurance include coverage limits and the nature of services provided. More coverage means you get more protection, but it also means you get a higher annual premium.
- Business size – The bigger the business is, the higher the premium you get. A freelancer graphic designer may pay between $350 and $600 for $1 million in coverage, while a small firm might pay between $3000 and $5000 for $2 million in coverage.
- Deductible level – The deductible is the amount you pay out of pocket before your insurance company starts reimbursing you. Setting a higher deductible lowers your insurance premium and vice versa.
Industries We Serve PLI
Sharp Insurance sells professional liability insurance in Regina to the industries listed below:
- IT Consultants
- Construction Contractors
- Social Services
- New Media
- Photography
- Legal Services
- Health and Wellness
- Managers
- Consultants
- Finance
Protect your business with professional liability coverage from the best insurance company in Regina. Get a Quote today!
Why Professionals Across Regina Trust Sharp Insurance
Comprehensive Coverage
Sharp Insurance is partnered with some of the top providers in Regina, guaranteeing the best coverage tailored to the clients’ needs. Coverage includes legal defence costs, settlements and protection against many types of claims, including negligence, errors and omissions, malpractice, and more. They also offer different types of insurance, like property insurance, auto insurance, business insurance, and recreational insurance.
Competitive Prices
Sharp Insurance is an independent insurance brokerage that has been around for over 15 years. Brokers at Sharp Insurance work hard for the clients to get the best price quotes. They shop around to obtain the lowest prices, making sure to save you time, effort, and money. Years of experience have made them experts at finding the best coverage at the lowest price, without compromising.
Unbeatable Service
Sharp Insurance offers clients the best customer service with unmatched dedication to always be of help. Their MySharp mobile app and online portal allow policyholders to manage their insurance anytime, anywhere with 24/7 access. Through the portal, they can view and download policy documents, request coverage changes, submit claims, and get customer support.
What Does Professional Liability Insurance Cover in Regina?
- Defence costs and settlements: Professional liability coverage in Regina includes defence costs, legal fees, and settlements. Regardless of the outcome of the lawsuit, PLI in Regina handles the financial aspects.
- Misrepresentation or inaccurate professional advice: A claim of misrepresentation or inaccurate professional advice that causes financial loss for the client is ground for a lawsuit. When that happens, your professional liability policy covers the expenses.
- Breach of duty: Failing to meet contractual obligations or performance expectations is another reason for the client to file a claim. If you have Regina professional liability coverage, your insurance provider will cover the legal costs.
- Project delays: A delayed project and missed deadline can cause your clients to lose money and patience. If you’re sued for project delays, PLI coverage protects you from expensive legal costs.
- Professional Negligence: Clients suing for professional negligence can get a large sum of your money if they win the case. PLI covers the settlement as well as the legal costs.
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Our experienced insurance brokers can help you get comprehensive coverage from the best providers in the industry. The process is quick and easy. Get an online quote now.
How to Get Affordable Professional Liability Insurance in Regina
- Increase the deductible amount – Consider laying aside a high deductible amount that you would be ready to pay at any time. A higher deductible lowers the premium.
- Maintain a clean claims history – A clean insurance claims record prevents a spike in your insurance rates. Consider implementing risk management strategies to reduce errors.
- Bundle insurance policies – Buying different business insurance types from the same insurance company can get you a discount. For example, bundling professional liability insurance with general liability insurance under one policy can result in a discounted rate.
- Implement risk management practices – The best way to get cheaper professional liability insurance is to implement risk management plans. Not only does it help prevent some errors that may result in a claim, but it also shows insurance companies that you’re determined to reduce the chance of mistakes. Some insurance companies offer discounts for businesses that have good risk management plans.
- Review and update your policy regularly – Your business insurance needs change, so it’s important to review and update your policy periodically. By knowing your risk exposure and the professional liability coverage you need, you ensure that you get adequate coverage without overinsuring and paying extra.
How to Avoid the Risk of a Professional Liability Insurance Claim
While you can’t always stop mistakes from happening, you can still minimize them. One of the best ways is to implement risk management strategies for you and your employees. Here’s how.
- Keep your policy and procedures documents updated. Any changes should be documented in detailed records. Also, make sure your documents align with the current industry standards. This prevents oversight that could lead to liability claims.
- If applicable, train your employees on the best practices to identify potential risks and apply established protocols to prevent them. Ensure that your staff is prepared to respond to any scenarios.
- Implement advanced quality control measures and conduct regular audits and assessments to identify errors before they escalate. Make sure there’s a channel for clients to provide feedback before and after service delivery. That way, you can rectify any issues and show that you’re committed to solving problems. Open and transparent communication with clients prevents misunderstandings that could lead to claims.
- Have a good crisis response plan that can be executed at any point. Ensure all team members know what to do when a client complains or raises a concern.
- Make sure all the contracts between you and your clients are clear and easy to understand. The contracts should be written, outlining the scope of services, deliverables, timelines, and dispute resolution processes.
Get a Regina professional liability insurance Quote
One mistake shouldn’t stand in the way of your business goals. Let us help you get back on your feet with good professional liability insurance. We pair you with the best insurance providers in Regina, making sure you can get the insurance you need at an affordable price. Get a quote now!
Regina Professional Liability Insurance FAQs
The cost of professional liability insurance in Regina ranges from $330 to $5000 per year, depending on the size and nature of the business, the insurance history, among other factors.
Professional liability insurance isn’t mandatory by law in Regina, however, it’s recommended for most professions to get protection from financial loss and reputational damage.
Both general liability and professional liability are crucial types of business insurance. General liability covers the losses and damages from claims of bodily injury.
Professional liability insurance isn’t mandatory by law, but it is required for some professions that are governed by regulated associations, like lawyers and healthcare professionals. It could also be a requirement by some clients in a contract.
Any individual or business in Regina that provides professional services or advice should carry professional liability insurance. Even the most experienced professionals can face legal claims from clients who believe an error, delay, or poor outcome caused them financial harm. Some of the professions that need professional liability insurance are:
- Healthcare Providers
- Legal Firms
- Accountants and Financial Advisors
- IT professionals
- Architects and Engineers
- Marketing Professionals
- Real estate Agents
Areas We Serve
Alberta| Calgary | Edmonton | Fort McMurray| Grande Prairie| High Prairie|
Lethbridge| Medicine Hat | Red Deer| Whitecourt
Ontario| Kanata| Ottawa| Toronto
Manitoba | Saskatchewan| Regina | British Columbia